Geely Auto plans to build a plant in Vietnam to assemble 75,000 vehicles yearly, through a joint venture with Tasco, contributing 36% of a $168 million investment.
The goals of Geely's joint venture include not only the assembly plant but also the establishment of a local supply chain and an R&D center in Vietnam.
Geely's investment in Vietnam comes after China's Ministry of Commerce highlighted risks for Chinese automakers in Europe, encouraging manufacturers to focus on local assembly.
Despite external pressures, Geely and other Chinese automakers continue exploring European opportunities amid potential tariffs on electric vehicle imports from China.
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